Jack Mallers Exits Twenty One as Tether Scraps Three-Way Bitcoin Merger

Twenty One Capital is a publicly traded Bitcoin treasury company launched with backing from stablecoin issuer Tether, SoftBank Group and Cantor Fitzgerald. It listed through a SPAC deal in December 2025 and held more than 40,000 Bitcoin, then the third-largest corporate stash. In April 2026, Tether proposed combining Twenty One with Mallers’ payments platform Strike and Bitcoin miner Elektron Energy, seeking to put treasury assets, financial services and mining operations under one listed vehicle.

Tether said on July 21 that Mallers had stepped down as Twenty One’s CEO effective July 20 to focus full-time on Strike. Raphael Zagury, a Twenty One director and chief executive of the team managing Elektron Energy, was appointed to succeed him. Strike will remain independent and is no longer being considered for a combination with Twenty One, ending the three-way plan. A potential Elektron transaction remains under preliminary review. Twenty One shares fell more than 14% to $4.54 after the announcement.